Kelley A. Howes

Kelley A. Howes

Morrison & Foerster LLP

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SEC: Adviser Violated Advisers Act by Charging Performance Fees to Non-Qualified Clients

A recent SEC enforcement action illustrates the challenge of complying with changing regulations, particularly for newly registered advisers. The SEC found that the adviser violated the prohibition against charging...more

1/2/2014 - Compliance Dodd-Frank Fees Investment Advisers Act of 1940 SEC

Court Tosses ETF Securities Lending Fee Case

A federal district court in Tennessee dismissed a case brought by two union pension funds claiming that securities lending fees paid by an ETF to its adviser’s affiliate violated the adviser’s fiduciary duty under Section...more

9/4/2013 - Affiliates ETFs Fees Fiduciary Duty Investment Company Act of 1940 Lending Pensions Unions

Mean What You Say and Say What You Mean: FINRA Raises Concerns About Advertising “Free” and “No-Fee” Services

FINRA is once again focusing on member firms’ communications with the public. Regulatory Notice 13-23 provides members with guidance regarding disclosure of fees in communications about retail brokerage accounts and...more

7/25/2013 - Broker-Dealer Disclosure Requirements Fees FINRA IRA Misrepresentation

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